The Exclusive Buyer Agency Agreement Form is essential in modern U.S. real estate transactions to formalize the relationship between buyers and their representatives. This document protects both parties by clearly defining roles, responsibilities, and compensation structures. It's particularly important in competitive markets where having dedicated representation is crucial. The agreement ensures compliance with state-specific real estate laws and federal regulations while providing clear guidelines for the entire property search and acquisition process. It typically includes provisions for property preferences, geographic limitations, and termination conditions.
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1. Parties: Identification of the buyer and real estate agent/broker
2. Background: Context of the agreement and general purpose
3. Definitions: Key terms used throughout the agreement
4. Scope of Agency: Detailed description of services to be provided by agent
5. Duration: Term of the agreement, including start and end dates
6. Compensation: Commission structure and payment terms
7. Agent's Obligations: Specific duties and responsibilities of the agent
8. Buyer's Obligations: Responsibilities and commitments of the buyer
9. Termination: Conditions and process for ending the agreement
1. Dual Agency Provisions: Terms regarding potential dual representation when state law permits dual agency
2. Property Preferences: Specific criteria for desired property when buyer has specific requirements
3. Market Area: Geographic scope of property search when focusing on specific regions
4. Alternative Dispute Resolution: Mediation and arbitration provisions when parties prefer alternatives to litigation
1. Agency Disclosure Form: State-mandated agency relationship disclosure
2. Commission Schedule: Detailed breakdown of compensation structure
3. Property Requirements Checklist: Detailed list of buyer's property preferences
4. Fair Housing Notice: Required fair housing disclosures
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